Bitcoin is starting to recover above the $18,000 level as dip-buyers continue to show strong interest for the bellwether cryptocurrency. Lower time frame analysis shows that the BTCUSD pair has now completed the structure formation of a large inverted head and shoulders pattern. The bullish reversal pattern holds a $3,800 upside projection remains valid while the BTCUSD pair trades above the $16,200 level.
The BTCUSD pair is only bullish while trading above the $18,400 level, key resistance is found at the $19,500 and the $20,000 levels.
If the BTCUSD pair trades below the $18,400 level, sellers may test the $17,700 and $17,000 levels.
